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DISCONTINUED OPERATIONS
9 Months Ended
Mar. 31, 2019
DISCONTINUED OPERATIONS  
DISCONTINUED OPERATIONS

NOTE 3 – DISCOUNTINUED OPERATIONS

 

On September 8, 2017, Jean-Paul Chavanz, the previous sole officer and director and majority shareholder of Jasmin Corp., entered into a stock purchase agreement for the sale of an aggregate of 2,000,000 shares of Common Stock of the Company, representing 79% of the issued and outstanding shares of common stock of the Company. Pursuant to this agreement, the Company decided to discontinue its business plan of producing and distributing Cork products and explore new opportunities. As part of the transition all the Company's assets were retained by the former majority shareholder and the liabilities were assumed by Mr. Chavanz as well. As a result of this strategic shift all historical results of the Company have been classified as discontinued operations in accordance with ASC 205-20. The total loss on transition of assets and liabilities during the nine months ended March 31, 2018 was $16,532 of which $5,906 was recorded as general and administrative expenses and $10,626 was recorded as a reduction to additional paid in capital.

 

Results of discontinued operations as of March 31, 2019 and 2018 are as follows:

 

 

 

Three months

 ended

March 31,

2019

 

 

Three months

 ended

March 31,

 2018

 

 

Nine months

ended

March 31,

2019

 

 

Nine months

 ended

March 31,

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

  -

 

 

$

-

 

 

$

  -

 

 

$

   -

 

Cost of Goods Sold

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Gross Profit

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and Administrative Expenses

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,906

 

TOTAL OPERATING EXPENSES

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,906

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS FROM OPERATIONS

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(5,906 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROVISION FOR INCOME TAXES

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

NET LOSS FROM DISCONTINUED OPERATIONS

 

$

  -

 

 

$

-

 

 

$

   -

 

 

 (5,906

) 

 

 

  

Cash Flow from discontinued operations as of March 31, 2019 and 2018 is as follows;

 

 

 

Nine months

ended

March 31,

2019

 

 

Nine months

ended

March 31,

2018

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

Net loss for the period

 

$ -

 

 

$ (5,906 )

Adjustments to reconcile net loss to net cash (used in) operating activities:

 

 

 

 

 

 

 

 

Loss on discontinued operations

 

 

-

 

 

 

5,906

 

Decrease in prepaid expenses

 

 

-

 

 

 

-

 

Increase in inventory

 

 

-

 

 

 

-

 

Accumulated depreciation

 

 

-

 

 

 

-

 

NET CASH (USED IN) PROVIDED BY DISCONTINUED OPERATING ACTIVITIES

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 Equipment

 

 

-

 

 

 

-

 

NET CASH (USED IN) PROVIDED BY DISCONTINUED INVESTING ACTIVITIES

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan – related party

 

 

-

 

 

 

(1,951 )

NET CASH (USED IN) PROVIDED BY DISCONTINUED FINANCING ACTIVITIES

 

 

-

 

 

 

(1,951 )

 

 

 

 

 

 

 

 

 

NET DECREASE IN CASH

 

 

-

 

 

 

(1,951 )

 

 

 

 

 

 

 

 

 

Cash, beginning of period

 

 

-

 

 

 

1,951

 

 

 

 

 

 

 

 

 

 

Cash, end of period

 

$ -

 

 

$ -